Hyperliquid Posts $800M Revenue, $2.9T Trading Volume in 2025, Expands Beyond Derivatives

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According to Grayscale's latest report, Hyperliquid generated approximately $800 million in revenue and processed $2.9 trillion in perpetual contract trading volume in 2025, with open interest reaching $7 billion. The decentralized exchange is expanding beyond crypto derivatives into tokenized equities, commodities, and prediction markets through its HIP-3 and HIP-4 systems, positioning itself as an on-chain financial infrastructure platform.
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